What’s my @#$& password!?

For most of us, living in a digital word means endless usernames and passwords. Almost everything requires logging in: e-mail, streaming services, social media accounts, news services, your bank and medical aid – even some kitchen appliances!

It’s true that many of these services are moving towards a future where you don’t need to input a password – where biometric data or a one-time pin (OTP) will be used to verify your identity – but that future hasn’t arrived yet. And in the meantime, the challenge of remembering a hundred passwords is real.

That’s where a password manager comes in. It’s a cloud-based app that acts like a vault for all your passwords. You essentially only need to remember one login and password: the one to get you into the vault. Most of these apps sync with the online services you’re trying to access, logging you in automatically.

The danger here is that all your passwords will be compromised if there’s a data breach at the password manager (as happened at LastPass in 2022), but many consumers are prepared to take that risk for the peace of mind and ease of use that the password manager provides.

We wanted to see if the use of password manager apps is increasing in South Africa, and what 22seven users are spending on the service.

Using a password manager remains niche, but it’s growing: There has been 56% growth in users paying monthly for a password manager since this time last year. Keep in mind that the adoption rate might be even higher, since many users will be using a pared-down, free version of the software.

Which apps are popular? Looking at the average number of users transacting per month in 2022, it seems that three services are attracting the lion’s share of users: 1Password is the clear favourite, with LastPass and Dashlane as runners up.

When we aggregate the average monthly spend, LastPass and 1Password emerge as leaders. And the amounts are not insubstantial, demonstrating a willingness for consumers to pay for a service that they feel adds practical value.

This research is an example of how 22seven Insights can provide companies with transactional data for almost any consumer service. Want to find out what’s happening in your industry? Contact us using the button below.